Former Aspen CEO gets termination payout
Stephen Postlewhite, the former chief executive officer of Aspen Insurance, has been awarded £852,256 under the terms of his termination agreement with the company.
According to the terms of the agreement, which was filed with the US Securities and Exchange Commission and then posted on its website, Postlewhite will receive £85,500 for his entitlement to an annual incentive award for the year in which the termination date occurred and £766,756 as a severance payment. Both sums shall be subject to income tax and national insurance deductions.
Postlewhite's departure with immediate effect from Aspen was announced in January 2018.
The company stated at the start of the year that it made fourth quarter 2017 underwriting losses of around $245 million.
Postlewhite ceased to perform his duties for Aspen Insurance effective January 26, 2018. Under the terms of the settlement agreement, Postlewhite’s employment with the company ended on April 30, 2018.
In the wake of Postlewhite’s departure, the company appointed David Cohen as president and chief underwriting officer of Aspen Insurance, responsible for leading the day-to-day management of its insurance business, reporting to group chief executive officer Chris O’Kane.
